I would need a legal clarification. While going through the Terms, I read this:
"COMPANY DOES NOT REPRESENT OR WARRANT THAT THE WTT TOKENS ARE RELIABLE, CURRENT OR ERROR- FREE, MEET PURCHASERS REQUIREMENTS, OR THAT DEFECTS IN THE WTT TOKENS WILL BE CORRECTED; AND (C) COMPANY CANNOT AND DOES NOT REPRESENT OR WARRANT THAT THE WTT TOKENS OR THE DELIVERY MECHANISM FOR WTT TOKENS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS."
I need to understand the substance of this term (11, Disclaimers). Bold is mine, and this is specifically what needs clarifying.
Another dubious point is at pag. 3 of the Terms:
"Purchaser shall not purchase WTT Tokens for any uses or purposes other than to use WTT Tokens as provided in the White Paper, including, but not limited to, any investment, speculative or other financial purposes."
Again, bold is mine.
How can this not be an investment or a financial context? Tokens will get listed and are thus subject to demand and supply.
I would need elucidations on the two points reported above.
In order to accelerate a response I may contact GigaWatt directly.
Hello,
This is a standard language used in agreements to buy product tokens. Our legal consultants have used this language in the other token sales they have worked on.
As for your conserns regarding tokens, we also engage independent auditors, who carefully check the smart contract code for security, benefits and other possible issues in connection with the attack surface.
As for the language about an investment, WTT token is a useful product rather than any kind of securities so were obliged to make sure that we describe it in the appropriate terms.
I would like to add a consideration on the legal terms matter. Though I may respect a company and the initiatives it has, it is crucial to create an agreement that is balanced, meaning that it should show that the company concerned takes its own fundamental responsibility in doing things at their best. "Best effort" in providing a service and assisting the users should be contemplated by the legal mindset because it manifests care towards those who commit to believing in the validity of a project. There should be commitment on both sides: the purchasers (investors, though the term "investment" is not contractually used) and the company providing the service.
That said, I am definitely interested in the WTT project.
